Nuvama-Cushman's maiden fund raises ₹4000 cr, readies for second fund

Bengaluru: Nuvama and Cushman & Wakefield Management Pvt. Ltd's (NCW) first real estate fund, Prime Offices Fund, has raised ₹4,000 crore, hitting the final close, as it looks to launch its second fund later this year.

Prime Offices Fund, which was launched in 2024, is a commercial office-focused fund that has deployed around 45% of its capital across three investments in Delhi, Chennai, and Pune, spanning 4 million sq ft.
NCW is an equal joint venture between Nuvama Asset Management, an arm of Nuvama Wealth Management Ltd, and real estate services firm Cushman & Wakefield. The first fund has been raised entirely from domestic investors, including family offices and high net-worth and ultra-rich individuals.

The fund, launched to provide Indian investors with access to institutional-quality office assets in the top cities, originally had a target corpus of ₹3,000 crore. Strong investor demand led NCW to increase the fund size, with the expanded corpus now fully subscribed.
“We plan to deploy the rest of the capital over the next few quarters. We already have a couple of potential transactions in the pipeline. Once fully deployed, the fund will own and manage around 8-9 million sq ft of assets,” Gaurav Puri, chief investment officer, NCW, told Mint.

The next fund to launch will expand beyond the scope of the first, which was focused entirely on office assets.

“The second one will also be an annuity fund that will invest in office assets, and explore alternate asset classes, including data centres, industrial and logistics, co-working and co-living, among others,” Puri added.

Unlike the existing fund, which invests only in ready properties and has raised capital from domestic investors, the new fund will also explore under-construction properties and include global allocations.
Prime Offices Fund's 4 million sq ft office portfolio is home to over 70 occupiers, with more than 50% of tenants comprising global capability centres (GCCs) and over 20% representing front office operations.

In the January-March quarter of 2026, India's real estate sector recorded an 189% year-on-year jump in investment volumes to $2,295 million, the second-highest growth rate in the Asia-Pacific region after Singapore, according to property advisory CBRE.

The growth in commercial real estate investment volume comes on the back of sustained interest from domestic institutions, family offices, and global capital markets players, who are increasingly allocating to Indian real estate through direct acquisitions, Reits and structured debt instruments, CBRE added.